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#VIDEO – FINANCIAL INFIDELITY RECOVERY: RECOVERING FROM FINANCIAL DISHONESTY IN MARRIAGE#

Financial infidelity recovery: Introduction

According to Psychology Today, one of the causes of marital breakdown is dishonesty and betrayal. Dishonesty and betrayal can take many forms. It can include financial dishonesty in marriage. The purpose of this vlog is to look at this issue and how to get financial infidelity recovery in a marriage.

Financial infidelity recovery: Financial dishonesty in marriage

The first step is recognizing what financial infidelity meaning is. In its simplest form, financial infidelity is withholding from our partners about what we are doing with money that ultimately negatively affects the couple’s relationship. Examples of financial infidelity could be:

  • secret spending; perhaps as a result of an addiction;
  • secret savings account;
  • incurring secret debt; again could be a result of an addiction
  • cashing in a life insurance policy to raise needed funds secretly; and
  • letting a life insurance policy lapse due either to lack of funds or wishing to divert those funds without telling our partner

It is a lack of transparency with our partners about money in the relationship.

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Financial infidelity recovery: Signs of financial infidelity

Some of the more common signs of financial infidelity are that your spouse or partner:

  • wants to control all the finances and they don’t want any comments from you;
  • they also don’t want to share financial information with you;
  • you notice that there is a withdrawal from an investment account with no given explanation;
  • a lot of resistance to talking about money;
  • discovering the opening of new lines of credit or credit cards in your partner’s name, in your name or even jointly that you didn’t open yourself and had no knowledge of;
  • you find bills for items that you didn’t know about; and
  • your partner makes a big purchase without talking with you first

Such behaviour will most certainly erode trust in a relationship. This will create a huge blockage in every other aspect of the marriage, including intimacy.

Financial infidelity recovery: Healing financial infidelity

In order to even attempt financial infidelity recovery, there has to be willingness by either spouses or partners. Both will have to overcome the shame, humiliation and rage that the financial infidelity causes. The couple needs to understand what the real reason for the financial infidelity is and be dedicated to fixing that. Is it the result of an addiction such as shopping, gambling, drugs or alcohol abuse? Is it a result of a business loss or failure in the spouse’s business?

The next step is to have a team approach. Spouses or partners need to have complete access jointly to all accounts. One spouse should not be allowed to withdraw funds without the other one’s cooperation. The team has to set a realistic budget together, follow it and watch the cash flow plan. One of the cornerstones of the budget has to be to work towards being debt free. Finally, constant and open communication is key.

It may be that you will need a financial counselor for credit counselling to increase the couple’s financial knowledge. The counselor can also make sure that the recovery plan is realistic and implemented. Financial infidelity recovery is neither simple nor easy, but, it is possible if both partners are willing and committed.

Financial infidelity recovery: What to do if you cannot overcome your debts

The debt created by financial infidelity is more emotionally troubling than normal debt. The reason is one of the spouses had nothing to do with incurring that debt, yet they may be just as liable for its repayment. This creates extra challenges in attempting to resolve that debt.

Although the challenges are enormous, they are not insurmountable. If you and your spouse have too much debt because of financial infidelity or for any other reason, you need to contact a licensed insolvency trustee (LIT) now. Through financial counselling, a LIT can aid in getting the resources you need to fix the root causes of the financial infidelity and to deal with the debt that you and your spouse cannot repay.

You need the Ira Smith Team. We’re experts in dealing with debt. No matter how you got into difficulty we can help return you to financial well-being. Contact us today and free yourself of debt Starting Over, Starting Now.

FINANCIAL INFIDELITY 13

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Brandon Blog Post

# VIDEO – FINANCIAL INFIDELITY HELP: USE THESE SECRET STRATEGIES TO SAVE YOUR MARRIAGE #

Financial infidelity meaning

Financial infidelity occurs when couples with joint finances lie to each other about money. For example, one partner may hide significant debts in a separate account while the other partner is unaware.

Couples need financial infidelity help

The media describes the topic of financial infidelity often. We have also written about financial infidelity help advice in the past:

Studies show for financial infidelity help

The noted UK publication, The Guardian, recently published its article “Financial infidelity: how to prevent money secrets from hurting a marriage”. In the article, they noted that:

  • in 2011, the National Endowment for Financial Education discovered that 31% of Americans who responded to a poll admitted lying to their partners about their finances
  • 67% of respondents said the secrets – when revealed – led to arguments, 42% said it damaged trust, and 16% said it even led to divorce
  • their updated survey in 2013 showed an increase from 31% to 33% of respondents

9 signs that financial infidelity help is required

Entrepreneur Magazine recently published an article titled “9 Signs of Financial Infidelity”. That article listed them as:

  • New spending patterns
  • Excessive shopping
  • Fat brokerage statements
  • Moodiness
  • Sudden changes in compensation
  • Recent purchases of art or antiques
  • Newly opened accounts
  • Signing documents without review
  • Lack of communication

We can provide financial infidelity help to get you out of debt

When it comes to marriage finances, honesty is the best policy. If you have committed financial infidelity or have been the victim of financial infidelity, you may be in serious financial jeopardy. Don’t wait until you are out of options. Contact a professional trustee as soon as possible. The Ira Smith team is a full service insolvency and financial restructuring practice serving companies and people throughout the Greater Toronto Area (GTA) facing financial crisis or bankruptcy that need a plan for Starting Over, Starting Now. We can help. Call today.

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